"We are probably beginning another three to five year run of vertical," added Zalewski. "So get ready -- there is going to be a lot of dust in the air."

One project, the Mansions at Acqualina, is making quite the splash in Sunny Isles Beach. The prices of the condominiums in the 47-story building will start at about $7.8 million and increase in price depending on the floor.

The Mansions of Acqualina recently secured a $160 million construction loan, which is the first loan over $100 million for a construction project since the condo bust, according to the Wall Street Journal.

The penthouse will be 20,000 square feet and features six bedrooms, nine and a half bathrooms, 30-foot ceilings and a private swimming pool inside the unit's living room. It also has a glass-bottomed pool cantilevered off the balcony.

The tower will also have a Rolls Royce and a driver available 24/7 and a cigar bank and wine cellar. Developers are banking on South Florida's condominium market returning.

"We are running out of room, running out of land. They aren't building any ocean-front property anymore," said Goldstein.

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